Ritesh Agarwal, an entrepreneur hailing from India in the dynamic landscape of hospitality has transformed the world of accommodations with his venture, OYO Rooms. Known for his innovative approach, Agarwal has turned OYO into a global sensation, changing how we perceive affordable luxury in the hospitality industry.
The self-made billionaire and founder of OYO introduced his business idea in 2013, swiftly disrupting the hospitality industry in India. Despite being famed for various controversies, OYO hotels, the chain he established, gained rapid popularity. The hotel chain, marked by both acclaim and criticism, has become a prominent player in the Indian hospitality sector now.
Ritesh Agarwal Net Worth
Ritesh Agarwal boasts a staggering net worth of Rs 16,000 crore, showcasing an impressive growth rate of 100 percent over the past four years, as per reports.
Despite the global challenges presented by the COVID-19 pandemic in 2020, Agarwal's net worth stood at Rs 8,000 crore during that period. As per reports, currently, OYO Rooms stands at a valuation of Rs 74,000 crore.
Car Collection
Mercedes-Benz S-Class | cardeko
Agarwal boasts an impressive collection of luxury vehicles which include the Mercedes Benz S 350D, valued at Rs. 1.4 Crores, an Audi A4 priced at Rs. 45 Lakhs, and the Range Rover Sports, a sleek addition to his fleet costing Rs. 1 Crore. Adding to his automotive repertoire is the Mercedes Benz E200, valued at Rs. 64 Lakhs, and the Toyota Fortuner, valued at Rs. 36 Lakhs. Beyond his luxurious car collection, Agarwal also stands as the proprietor of a private jet, an opulent mode of travel with an estimated value of USD 20 million, as per reports.
How OYO started?
OYO, short for On Your Own, was founded by Ritesh Agarwal in 2013. At the age of 19, with an initial investment of 82 lakh rupees, Agarwal started OYO as a platform to book budget accommodations. The company began its operations with just five hotels in Gurgaon, India. Over the years, OYO expanded rapidly and evolved into one of the largest hospitality chains globally, offering a wide range of budget and mid-range accommodations.
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In 2018, Agarwal secured USD 1 billion in funding for his company, a feat that earned him the distinction of becoming the youngest self-made billionaire in India. Following this achievement, he gained recognition as the world's second self-made billionaire, with Kylie Jenner holding the first position.
The Journey
Driven by an insatiable thirst for innovation, Agarwal chose to forego college and pursue his vision. At the tender age of 18 in 2012, he embarked on his business career with Oravel Stays, a budget accommodation portal. This venture received a grant of Rs 30 lakh and set the stage for his subsequent success.
In 2013, at just 19, Agarwal earned a coveted spot in the Thiel Fellowship, initiated by Peter Thiel, securing a USD 100,000 grant to bring his ideas to fruition. With this opportunity, he transformed Oravel Stays into OYO Rooms, a disruptive force in the hospitality industry. The success of Oravel Stays laid the foundation for OYO Rooms' inception in May 2013, marking a significant milestone in Agarwal's entrepreneurial journey.
